Electric vehicles, solar panels, windmills, you name it. That's due to all the great technologies, all the newfangled gadgets that we're consuming. "Consumption numbers look like they're somewhere between 1.2 and 1.4 billion ounces. "I'm guessing the mining sector produced something in the order of 800, maybe 825 million ounces in 2022," Neumeyer said when giving a Q4 2022 overview for his company. He pointed out that subtracting net investments in silver exchange-traded products leaves the market in a deficit, and also questioned the methodology behind the institute’s recycling data given that most recycled silver metal comes from privately owned smelters and refineries that typically don’t make those figures public. “I think these numbers are made up,” he said. In a May 2021 interview, when presented with supply-side data from the Silver Institute indicating the biggest surplus in silver market history, Neumeyer was blunt in his skepticism. Give me US$50 first and we'll see what happens after that."Īnother factor driving Neumeyer's position is his belief that the silver market is in a deficit. "I actually saw someone the other day call for US$500 silver," he said. In his August 2022 with Wall Street Silver, he reiterated his support for triple-digit silver and said he's fortunately not alone in this optimistic view - in fact, he's been surpassed in that optimism. “But I’m cautiously enthused because, you know, I thought it would have happened sooner than it currently is happening.” “I’ve been calling for triple-digit silver for a few years now, and I’m more enthused now,” Neumeyer said at an event in January 2020, noting that there are multiple factors behind his reasoning. It was during 2000 that Neumeyer himself invested heavily in mining stocks and came out on top. He thinks it’s only a matter of time before the market corrects, like it did in 20, and commodities see a big rebound in pricing. Neumeyer has previously stated that he expects a triple-digit silver price in part because he believed the market cycle could be compared to the year 2000, when investors were sailing high on the dot-com bubble and the mining sector was down. In fact, in order for the precious metal to jump to the US$100 mark, its price would have to increase from its current value by around 350 percent. There’s a significant distance for silver to go before it reaches the success Neumeyer has boldly predicted. Why is Neumeyer calling for US$100 silver? First, let’s dive a little deeper into Neumeyer’s US$100 prediction. In order to better understand where Neumeyer’s opinion comes from and whether a triple-digit silver price is really in the cards, it’s important to take a look at the factors that affect the metal’s movements, as well as where prices have been in the past and where other industry insiders think silver could be headed. More recently, his expected timeline for US$100 silver has been pushed back, but he remains very bullish on the metal in the long term. He also discussed it in an August 2022 interview with Wall Street Silver.Īt times he’s been even more bold, suggesting in 2016 that the white metal could reach US$1,000 if gold were to hit US$10,000. He put up a US$130 price target in a November 2017 interview with Palisade Radio, and has reiterated his triple-digit silver price forecast in multiple interviews with Kitco: in March 2018, at the top of 2020, in May 2021, in March 2022 and the latest in March 2023. Neumeyer has voiced this opinion often in recent years.
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